Wants & Needs
What is the definition of a need?
You must have it to survive
I really want a new video game. I put my allowance in my bank each night in order to pay for it. Am I saving my money or spending it?
Saving
Logan goes to the barbershop to get a haircut. Is this a good or service?
Service
I earn $5 each week for walking the dog. Is this income or opportunity cost?
Income
Something that you would like to have but DO NOT need is called a....
Want
In this unit, we learned about Saruni who lives in Africa. He went to an outdoor market to buy a bicycle. In what market could you buy a bicycle?
Examples: Outdoor market, indoor market, online market
Yard sale- outdoor market
Walmart- indoor market
Amazon- online market
What is a producer?
Makes goods and services
Does this scenario show Sarah earning an income?
Sarah started a lemonade stand and made $15
Yes
What is something that can satisfy someone's wants?
Goods
Timothy is riding a bike and falls off. He hurts his arm. He had to go to the doctor to have his arm put in a cast. Is the doctor a producer or consumer?
Producer! The doctor is not using the cast but he is giving it to Timothy so he can use it.
Emma goes to the store and buys a new video game. Is she acting as a producer or consumer?
Consumer
Does this scenario show Sarah earning an income?
Sarah donated $10 to her Girl Scout Troop
No, she is donating
What are goods?
Something you can hold, use, eat
A farmer milks his cows each day and sells the milk. Susan drinks the milk with her breakfast. Is Susan a producer or consumer?
Consumer
A shopping mall is a place where people exchange money to buy goods and services. Is this an example of a market or spending plan?
Market
Does this scenario show Sarah earning an income?
Sarah put $15 in her piggy bank
No, she is saving
People need shoes. How could new shoes be a need and a want?
Brand new shoes don't have to be fancy to work great to protect our feet. Buying expensive or fancy shoes can be a want but not a need.
Cameron loves going to the movies but he only has enough money for one ticket. The new PAW Patrol movie and Spider-Man movie just came out and he can't decide which to go see. His friends decided to see the Spider-Man movie so he joined them. What would be his opportunity cost?
Not being able to see the new PAW Patrol movie
Does this scenario show Sarah earning an income?
Sarah bought ice cream at McDonalds
No, she is spending her money